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Insurance ratings actions: A.M. Best upgrades CopperPoint members

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

U.S. and Canada

A.M. Best removed from under review with positive implications and upgraded the financial strength ratings to A from A- and the long-term issuer credit ratings to "a" from "a-" of the members of CopperPoint Insurance group.

The upgrades come after CopperPoint Insurance completed its acquisition of Alaska National Corp. and wholly owned subsidiary Alaska National Insurance Co.

The ratings of CopperPoint Insurance group members reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile, and appropriate enterprise risk management. The upgrades also reflect the positive change in CopperPoint's business profile assessment after transaction close.

A.M. Best also removed from under review with developing implications and affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Alaska National Insurance. The outlook is stable.

The ratings reflect Alaska National Insurance's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of MLMIC Insurance Co. The outlook is stable.

The ratings reflect MLMIC's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also benefit from the financial support given by the company's direct parent company, National Indemnity Co., which is ultimately owned by Berkshire Hathaway Inc.

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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of NEWGT Reinsurance Co. Ltd. The outlook is stable.

The ratings reflect NEWGT's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best downgraded the long-term issuer credit rating to "bbb" from "bbb+" and affirmed the financial strength rating of B++ of Amalgamated Casualty Insurance Co. The outlook was changed to stable from negative.

The ratings reflect Amalgamated Casualty's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

The downgrade of the issuer credit rating reflects a revision in A.M. Best's assessment of the company's operating performance to marginal from adequate.

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A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of the subsidiaries of Independence Holding Co., which are Independence American Insurance Co., Madison National Life Insurance Co. Inc. and Standard Security Life Insurance Co. of New York

The parent's long-term issuer credit rating of "bbb-" was also affirmed. The outlook is stable.

The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of Brighthouse Life Insurance Co., New England Life Insurance Co. and Brighthouse Life Insurance Co. of NY.

The rating agency also affirmed the long-term issuer credit ratings of "bbb+" of Brighthouse Financial Inc. and intermediate holding company Brighthouse Holdings LLC. The outlook of all ratings is stable.

The ratings reflect Brighthouse Life, New England Life and Brighthouse Life Insurance Co. of NY's balance sheet strength, which A.M. Best categorizes as very strong, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management.

The rating agency said its perspective was formed by the insurer's balance sheet integrity, consistent operating performance, knowledge of its operating jurisdictions and the strength of its enterprise risk management protocols as proven by its operating results.

The outlook is stable, reflecting the rating agency's expectation that Fidelis and the units will still make progress in building out their business with the possibility for earnings expansion aided by a "plain vanilla" investment portfolio.

French insurance group Prévoir merged Prévoir Risques Divers into Prévoir Vie. Prévoir Vie is now a composite entity following the transfer of assets and liabilities from Prévoir Risques Divers.

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S&P Global Ratings assigned a BB- long-term insurer financial strength and issuer credit ratings, as well as a "kzA" national scale rating to Nomad Insurance Co.

The outlook on the global scale rating is stable, reflects the rating agency's expectation that in the next 12 months, Nomad will preserve its well-established market position in the Kazakhstan property and casualty insurance market while sustaining good profitability metrics versus peers.

The outlook is stable, pointing to the rating agency's expectation that Legal & General Insurance will be fully merged into Liverpool Victoria General Insurance Group Ltd. and that Allianz group will stay committed to its nonlife operations in the U.K.

The rating reflects the company's good market position and brand, strong asset quality, and good capital adequacy level, which are partially constrained by the increasingly competitive Saudi Arabian property and casualty insurance market, according to Moody's.

The outlook is stable, reflecting the rating agency's expectation that the company will improve its profitability and grow its business with underwriting discipline.

Asia-Pacific

A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to China Reinsurance (Hong Kong) Co. Ltd. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support from China Life Reinsurance Co. Ltd. including capital, brand recognition, business development, investment, risk management and operational support, A.M. Best said.

The ratings, which are consistent with the preliminary ratings assigned on Dec. 13, reflects S&P Global Ratings' view that the unit has an integral role in the parent China Reinsurance (Group) Corp.'s overseas expansion strategy, specifically for life reinsurance offerings.

The outlook is stable, mirroring the outlook on China Re Groupand reflecting the rating agency's expectation that the reinsurer will remain a core subsidiary of its parent group over the next two years.

The outlook was revised to negative from stable, reflecting the increased volatility in the company's capitalization, according to the rating agency. The affirmation reflects National Insurance Trust Fund Board's favorable business profile, financial performance that is better than that of the industry, and conservative investment mix, Fitch said.